Lagarde, head of ECB, acknowledges her son has lost cryptocurrency funds
ECB President’s Son Loses ‘Almost All’ of His Crypto Investments Despite Warnings
European Central Bank President Christine Lagarde admitted in a town hall meeting in Frankfurt that her son had lost “almost all” of his investments in cryptocurrencies, despite her constant warnings about the speculative nature of the assets.
Lagarde, who has been a vocal critic of cryptocurrencies, expressed her frustration at her son’s decision to ignore her warnings. She revealed that he had lost about 60% of his investment.
The ECB chief, who has two sons in their mid-30s, did not specify which one had suffered the losses. She has long been critical of cryptocurrencies, referring to them as speculative, worthless, and often used by criminals for illicit activities.
Regulation Concerns
The ECB has been calling for global regulation of crypto assets to protect consumers from the risks associated with them and to prevent funding from being channeled to terrorists or criminals using them for money laundering.
The worries about privately issued currencies potentially displacing government money have prompted the ECB to launch its own digital euro project. However, the bank is still in the early stages and it will likely be years before any digital money is issued.
During a town hall meeting with students in Frankfurt, Lagarde expressed her disdain for cryptocurrencies, reiterating her belief that they should not be allowed to participate in criminally sanctioned trade and businesses.
Digital Euro Project
Last month, the ECB announced that it had started the “preparation phase” for the digital euro. However, the bank stated that it would need at least two more years before it could decide whether to roll it out or not.
Despite Lagarde’s personal experience with her son’s investment losses, she reiterated her belief that people are free to invest and speculate as they want. However, she stressed that there should be limitations to prevent participation in criminal activities.
Lagarde did not reveal the exact amount her son had invested in crypto assets, but the incident serves as a cautionary tale about the volatility of the cryptocurrency market.
In conclusion, Lagarde’s personal experience with her son’s losses highlights the risks associated with cryptocurrencies and reinforces the need for regulation to protect consumers and prevent criminal activities associated with crypto assets.
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